"Open banking is often painted as a consumer convenience, with banks spotlighting budgeting apps, personal finance tools, and consumer data portability as the core use cases. The real challenge for open banking lies in the commercial world, where companies need to integrate ERPs, accounting platforms, treasury systems, and multiple banking relationships - often turning what should be seamless connectivity into a costly, time-consuming puzzle."
"Instead of chasing short-term fixes to its patchwork of legacy APIs, Citizens' product and tech teams spent 2023 building something bigger: a framework that could stand up to the next decade of open banking demands. Clearing out screen scraping, reducing onboarding times, and eliminating fragmented integrations were all part of the mission - but the broader goal was even more ambitious."
Open banking is often presented as consumer convenience, while commercial clients face complex integrations across ERPs, accounting platforms, treasury systems, and multiple banking relationships. Commercial and corporate clients frequently rely on clunky workarounds and weeks-long integrations, creating manual imports and reconciliation burdens for CFOs. Citizens launched an open banking API redesign in mid-2024 to address those gaps and later won Best New Embedded Finance Platform at Tearsheet's The Big Bank Theory Awards 2025. Product and tech teams adopted a rebuild mindset in 2023, creating a framework to replace legacy APIs, eliminate screen scraping, reduce onboarding times, and remove fragmented integrations. The unified API platform supports individuals, small businesses, and large corporations while accelerating feature rollouts and new platform connections.
Read at Tearsheet
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